Euro

Chart courtesy of Advanced Get. Data provided by ESignal.

Above is the Euro 4 hour chart. We have a trendline resistance just above where the price is right now. Sto is overbought but that does not mean we cannot stay overbought if price rallies. A break above the upper or lower trendlines would probably show further movements in either of those directions but price would require a catalyst and certain news items due out may provide just that.

There will be no update tomorrow. I will post again on Monday morning.

Kiwi Yen

Chart courtesy of Advanced Get. Data provided by ESignal.

The USDCAD cross has halted as predicted in the uptrend but once again this is only temporary I feel. We have further upside movement on this pair and using a limit to enter if we deal above the high of the reversal day could be one strategy for entry.

The NZDJPY cross has dropped nicely to the 200MA which due to divergence was expected. Watch this as it has produced a big move and possibly may range before the next big move.

The Yen looks weak aswell.

Good luck today and dont forget NFP on Friday.

Canadian Dollar

Chart courtesy of AdvancedGET. Data provided by ESignal.

Good morning

As I mentioned yesterday, look out for .786 and as you can see we have reversed from that and have a tram track in progress (not the end of the day to assume that is or will be a tram track). I hope you all have scale out. The trend is still intact and once again don't be fooled. This is the similar to tree shaking in shares. With currency it is just positions being closed for profits.

Remember we have NFP on Friday and expect some huge volatility then, but as we come up towards that we will see some ranging markets a day or two before hand. If that is the case then utilize other strategies I have shown you that are more appropriate.

Best of luck.

USDCAD

Chart courtesy of Dynamic Traders. Data provided by Reuters Quote Center.

Good morning traders. Hope you are all looking forward to another week of trading. After last weeks news the JPY has surprized a few of us and the EURJPY has broken support so all bets are off on that cross.

The USDCAD pair had a volatility breakout last week and seems set for a continuation. Beware the .786 so I will look to either scale out or if I am at home when price action is in proximity to .786 I will manually trail my stop on a 5 minute chart.

The Euro and Pound are looking fairly weak too.

Good luck.